v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Real estate income, net:    
Rental income $ 303.8 $ 321.8
Real estate property level expenses and taxes:    
Operating expenses 82.6 82.9
Real estate taxes 43.4 45.9
Interest expense 11.1 20.1
Total real estate property level expenses 137.1 148.9
Real estate income, net 166.7 172.9
Income from real estate joint ventures 43.2 51.5
Income from real estate funds 3.4 12.2
Interest income 25.5 36.4
TOTAL INVESTMENT INCOME 238.8 273.0
Expenses:    
Investment management charges 18.3 18.6
Administrative charges 15.0 15.4
Distribution charges 2.5 3.1
Liquidity guarantee charges 15.7 15.6
Interest expense 20.7 9.6
TOTAL EXPENSES 72.2 62.3
INVESTMENT INCOME, NET 166.6 210.7
Net realized gain (loss) on investments and debt:    
Real estate properties (89.7) (187.4)
Real estate joint ventures (61.2) 9.5
Real estate funds 25.7 0.0
Loans receivable (56.0) 0.0
Loans payable 34.7 0.0
Net realized gain (loss) on investments and debt (146.5) (177.9)
Net change in unrealized gain (loss) on:    
Real estate properties 26.3 111.2
Real estate joint ventures 60.1 81.1
Real estate funds (22.2) (3.7)
Real estate operating business 9.4 (0.2)
Marketable securities (0.2) (0.1)
Loans receivable 55.4 0.8
Loans payable (24.8) 4.3
Other unsecured debt 14.9 (6.5)
Net change in unrealized gain (loss) on investments and debt 118.9 186.9
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT (27.6) 9.0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 139.0 $ 219.7